E. China underdeveloped region becomes catchy target of foreign investment

The northern part of east China's Jiangsu Province, which has a relatively underdeveloped economy, has become a new attraction of foreign investment, said a local government official.

Northern Jiangsu signed 30 foreign-funded projects involving 770 million US dollars at the just-concluded Northern Jiangsu International Exchange and Cooperation Fair.

At the Northern Jiangsu Investment and Trade Fair, another 877 projects were signed, with an investment of 38.6 billion yuan (about 4.8 billion US dollars), according to Fan Haihong, deputy director with the development and reform commission of Jiangsu Province.

The investors are focussing on many domains, ranging from electronics,and sophisticated apparatus to papermaking and chemical industries.

The promising future of north Jiangsu has also drawn 12.1-billion-yuan (some 1.5 billion US dollars) in supporting funds from financial organs, which helps to alleviate the fund shortage in the province, said Fan.

During the 10th Five-Year Plan period (from 2001 to 2005), more than 60 large infrastructure projects have been implemented with a total investment of 440 billion yuan (55 US dollars). Its expressway adds up to 869 km, about 2.3 km per sq km, which represents an internationally advanced level.

Northern Jiangsu Province, including the five cities of Lianyungang, Xuzhou, Suqian, Huai'an and Yancheng, covers an area of 52,300 sq km with a population of 32.3 million. It is abundant in mineral, land and ocean resources.

Source: Xinhua